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Showing 4 posts in Tax.

Year End Checklist for Businesses and Individuals


  • There may be last minute planning possibilities for 2015. Consult with your tax advisor while you still have time to act in 2015. Don't assume your CPA, lawyer or financial advisor is going to automatically suggest ways to minimize your tax liability. Be proactive!


  • It is important to document the activities and decisions at your annual meeting and accompanying meeting minutes. Make sure this happens in 2015.
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Categories: Entity Planning, Intellectual Property, Tax

Kickstarter – A Source of Funds and a Big Tax Bill?

Kickstarter is a crowdfunding platform for creative projects. Project creators set a funding goal and deadline for their project. If people like the project, they can pledge money to help make it happen. Kickstarter has become a popular platform for designers to raise funds while using “reward” selections to market test their garments or accessories. From the newest in fashion to movies and gadgets, and, yes, even potato salad, a wide range of products and ideas find their way to Kickstarter.

While Kickstarter has been a great fundraising platform for a wide range of people who may have had no alternative source of financing, an issue that many people overlook is the tax implications from a successful Kickstarter campaign. Read More ›

Categories: Crowdfunding, Financing, Tax

Have you filed your tax return?

Foster Swift Attorney John Mashni is a member of the firm’s Fosterfashion team. Some of The Runway’s designers have had an opportunity to meet John and appreciate his expertise and advice in selecting and forming an entity. I know that John speaks from personal experience, as an entrepreneur, when he advises fashion start-ups. However, I did not know until I read the article below that he, unfortunately, also draws on personal experience when addressing the topic of identity theft.

If you have yet to file your tax return, please take a look at John’s article in our firm’s recent Business & Corporate Law newsletter. As John advises, filing your tax return early will increase your odds of avoiding identity theft.  

Categories: News & Events, Tax

Tax reporting – not at all Merry, but very Necessary!

It is a sign of success that a designer has more work than they can do for themselves. If you reached that level of success in 2014 – Congratulations! However, your success came with responsibilities to include tax reporting, and Fosterfashion will ring out 2014 by offering this quick reminder.   

If you employed anyone in 2014, W-2 statements must be provided to your employees by January 31, 2015. If you are new to the role of “employer,” W-2 statements document income earned by employees, in the form of wages, tips and commissions earned in 2014, as well the as total amounts of state, federal and FICA taxes withheld by the employer.

If you paid an independent contractor $600 or more in 2014, they need to receive a 1099 form from you by January 31, 2015. A 1099 form states the amount you paid to your independent contractor. Where there is no “withholding,” it is the responsibility of the worker to report this income and pay appropriate taxes. Read More ›

Categories: Fashion, Tax